If you are in law enforcement in Utah, you may be eligible for the Utah First-time Homebuyer Law Enforcement Grant. This grant was made possible by the Utah Housing Corporation and has limited funds, so if you’re interested, you will want to get a move on! But before you give them a call, you may want to continue reading to learn some more information about this First-time Homebuyer Law Enforcement Grant.
What Is The Utah First-time Homebuyer Law Enforcement Grant?
The Utah First-time Homebuyer Law Enforcement Grant is a grant that the Utah State Legislature issued in July 2022 to help current Utah law enforcement officers buy their first homes. A one-time amount of $5,000,000 was allocated for this grant. The purpose of this grant is to encourage individuals to join Utah law enforcement efforts and to incentivize current law enforcement officers to continue doing excellent work. If you are interested in becoming a law enforcement officer and are looking to buy your first home, this grant may be for you.
What You Need To Know
#1: What Are The Terms And Conditions Of The Grant?
This grant is a no-interest, no-payment grant. It is required that an individual who receives the grant will work in law enforcement for Utah for five more years after receiving the funds. This grant can cover up to 3.5% of a home’s purchase price or up to $25,000. The grant money can be used for several things, including the down payment, closing costs, mortgage buydown, or mortgage insurance. The property must become the primary residence within thirty days of closing. Lastly, a portion of the grant will be forgiven every year that the recipient uses the home as their primary residence and works as a law enforcement or corrections officer.
#2: Who Is Eligible?
It is important to understand that this grant is specifically available to law enforcement officers in Utah. Individuals who are considered law enforcement officers, as defined by the Utah Code Section 53-13-103, and correctional officers as defined by the Utah Code Section 53-13-104 are both eligible for this grant. In addition to being a full-time law enforcement officer, an individual must be buying their first home and be planning to live in the house that they buy (this grant cannot be used for investment purposes!). Read more about eligibility here.
#3: When Should I Apply?
RIGHT NOW! The Utah First-time Homebuyer Law Enforcement Grant is a first come first serve grant, meaning that funds will deplete in time. With the grant being announced in July, there are likely a few months left to cash out. Contact the Utah Housing Corporation today if you are interested in applying for this grant. This is the perfect opportunity for law enforcement officers looking to buy a home near their place of work.
For more information about this grant, feel free to check out the information on the Utah Housing Corporation’s website.
Do You Want To Buy A House?
Whether you apply for the Utah First-time Homebuyer Law Enforcement Grant and get the money or not, we at Premier Utah Real Estate will be in your corner to help you find the perfect property for you. Having the funds to buy a house is not the only thing that needs to happen as part of the home-buying process.
You still need to find a home you are interested in buying, put an offer down, have that offer accepted, and go through all of the steps required to get the ownership of the property transferred to you. It takes time and proper help in order to buy the home of your dreams. We at Premier Utah Real Estate can provide you with excellent real estate services and counsel. For more information, feel free to reach out to us today.